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22 terms

Schwartz Banking Terms

Terms to review for test.
A way to take care of your banking needs 24 hours a day.
Bank Reconciliation
The process of making your records agree with the bank statement.
Bank Statement
This is a record of canceled checks, deposits, ATM withdrawals, service charges, and interest.
Blank Endorsement
This type of endorsement requires only a signature.
Cancelled Check
A check that has been paid by the bank.
Demand Deposit
The right to request your money when you want or need it.
Joint Account
Two or more people who have access to an account.
Individual Account
Only one person has access to an account.
Outstanding Checks
Checks that have not been received by the bank.
Restrictive Endorsement
This type of endorsement requires that the check be deposited only as endorsed.
Signature Card
Bank uses this as a comparison tool that you are the person who is writing or cashing a check.
Special Endorsement
Signing over a check to someone else.
1 1/2 inch
Endorsements are to be written within this amount of space.
Sign it
What you should do when you want money back on a deposit slip.
You can cash a check if your name is spelled wrong on the "Pay to" line. True or False?
A Restrictive endorsement is the safest type of endorsement. True or False?
Maintaining a checking account correctly can help you establish what?
What you should write on the check if there is a mistake.
Written amount
What the bank goes by if the numerical and written numbers are different.
Check Register
You should fill this out first before writing the check.
When writing dollar amounts like 25 or 47 this separates the words.
Some reasons why people have a checking account are it is safe, convenient, proof of payment, record of expenses, and to establish credit.